I got an interesting piece of news about a report on mobile apps this week: "Mobile Apps for Banking 2013" by myprivatebanking, a Zurich-based research firm.
According to their analysis, the overall quality of mobile apps for banking is increasing, but there is still a critical lack of more advanced, user-friendly features and content.
Apparently, based upon myprivatebanking’s proprietary ranking mechanism, DBS and Capital One offer the best mobile apps with Société Générale, Westpac and ABN Amro making the Top 5.
Most noteworthy is that, since the last report in 2011, the number of banking apps and app features have grown explosively, accompanied by an improvement in overall quality, with the average rating increasing from 35 to 40 out of 60 points in 2013. But myprivatebanking still sees a high divergence between the best offerings and those from the mass of the banks analyzed.
The winners of this year’s app ranking is Singapore-based DBS Bank, ranked 4th in the 2011 report, alongside US bank, Capital One, who both achieve an overall score of 50 out of 60 points.
Top 5 Banks with the best mobile apps strategy (overall 50 banks ranked)
Rank 2013 (Rank 2011) Bank Total Points (max. 60)
1 (New) - Capital One 50
1 (4) ↑ DBS Bank 50
3 (6) ↑ Société Générale 49
4 (18) ↑ ABN Amro 48
4 (New) - Westpac 48
After these, the average bank’s performance is not even close to that of the top performers with the main shortcomings being that:
- Banking apps offer only basic functionality, missing out on more advanced features. Almost one-fifth of the banks still have no ATM and branch finders and as well no credit card features integrated in their app offerings. Brokerage/trading features are only available for just under half of the mobile banks under review. Only 52% of banks offer a contact option for “lost and stolen cards”.
- Banks are weak when it comes to providing interesting features and product information for customers. Most banks (72 %) do not provide any corporate information. Only about half of the banks (56 %) provide information about their products and services to app users. Interactive calculators to promote these products and services are only found within 17 mobile banking applications altogether.
- Lack of content and multimedia features. Less than half of the evaluated banks offer financial news and banks providing research publications or client magazines number only 12 and 16 of the 50 analyzed, respectively. Video or audio content is only available for 34 % of the banks in the evaluation. The remaining 33 banks do not provide multimedia content at all.
- App coverage for tablet devices is still lacking. Currently only 30 out of 50 banks offer native tablet mobile banking applications.